China’s Pengling Group and France’s Del Monte Group recently signed an agreement that is said to be an important milestone in the development of both parties in the automotive sector. Founded in 1965, Del Monte Group has now developed into a manufacturer of automotive shock absorption products and sealing technology solutions. Its rubber parts and system products are widely used in core fields such as automobiles, aerospace, railways and energy.
Meanwhile, Tianjin-based Pengling Group, which has been involved in the automotive parts industry for more than 30 years, focuses on lightweight, electrified and new energy vehicles as its strategic core. It currently has seven major industrial bases across the country and continues to strengthen its industrial layout.
The technical collaboration and resource integration of the two parties will promote breakthroughs and further optimisation in their respective business areas, the companies say. It also marks Pengling’s strategy to expand abroad.
The two sides are said to have held in-depth discussions on global strategic collaboration and cooperation in emerging business sectors, and agreed that at a time when competition in China’s automotive industry is fierce, Chinese automakers are building factories in Europe and modern supply and services, cross-regional resource integration and technology collaboration have become the key to breaking the deadlock, and reached an important consensus on the cooperation model for expanding the European market.
At the meeting, President of Pengling Wang Dong and Sylvain Broux, CEO of the French Del Monte Group, jointly signed a letter of intent for cooperation.